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Your Spring Landscape To Do List

As the last winds of winter blow and the days become longer, it’s time to start thinking about the spring. In addition to cleaning up around the house, there are several landscaping activities that you generally want to do in the springtime. The question is, where do you start? If you’re not sure how to tackle your spring to-do list, here are a few suggestions. These are some of the most common landscaping tasks that need doing once things start to warm up, and knocking them out early can make other landscaping tasks easier as the year goes on. Who knows, taking care of some of these items might even get you inspired to take on a larger landscaping project later in the year. Clean Up That Winter Refuse The winter can be rough on your lawn, with clumps of leaves that haven’t quite decayed, sticks and branches that fell in a winter storm, muddy spots where ice formed and thawed and formed again … it can all leave a bit of a mess behind. Spend some time cleaning up the mess left by winter before you get into any other tasks and you’ll find that the rest of your spring to-do list will be much easier.   Prune the Trees and Shrubs Early spring is a great time to prune most of your trees and shrubs, since it’s before they get into a strong growth period. Early pruning allows you to shape them the way you want them to be and gives you a chance to eliminate unwanted overhangs and encroachment. If you wait until there’s new growth you can actually stunt some of that growth and make it harder to control how your trees and shrubs are forming.   Prep Your Lawn If you want your lawn to look its best, you need to show it some love in the spring. Aerate the lawn to help break up soil packed by snow and ice in the winter, dethatch it to help it grow in thicker, and sow some seed to fill in bare spots once it’s warm enough. If your lawn has an uneven surface after the winter, bringing in a roller to go over the lawn wouldn’t be a bad idea either.   Clean Up Your Flower Beds If you’ve got flower beds around your home, chances are they could use a bit of picking up after the winter. Get rid of any damaged plants, pull any weeds or grass that tried to get established during the winter, and tidy up any debris or other crud that might have found their way into your beds. You should also pull away the winter mulch surrounding your perennials and divide them to get your beds off to a good start.   Feed and Protect While you’re working on your lawn and your flower beds, go ahead and take the time to prep them for spring growth. Add new mulch to your beds as needed, give your lawn a nice dose of fertilizer, and make sure that all your other plants are similarly fed and protected. Everything’s going to be doing a lot of growing in the coming months, so you want to make sure that they have everything they need.   Plan Your Summer This is also a good time to prepare for late spring and summer projects as well. If you’re going to have a garden, take the time to start prepping it now by tilling the soil, working in compost and starting some of your spring seeds indoors. If you’re going to undertake a construction project or add new features to your lawn, go ahead and start clearing the area. The work you put in now will make things so much easier later in the year.   Ready to Get to Work? Depending on what you have planned, you may need a bit of help to get your landscaping in tip-top shape. Luckily, HomeKeepr is here it help. Sign up for a free HomeKeepr account today to connect with landscaping pros who can help you design and implement the perfect landscaping plan for your lawn.
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Brandon Farber

Brandon Farber

 

Your Fall Produce Guide

Do you like to eat locally? While the summer has an abundance of fresh produce for you to grab at your local farmer’s market, as fall hits, many wonder what local produce is still available. Below are the top five things to eat this autumn, available in most regions in the country. Apples! All hail fall, the season of apples! From apple pie to applesauce, apple slaw and more, there are hundreds of ways to enjoy this crispy sweet (or tart!) treat. Look for local apples in your grocery store or drive up to a nearby farm to pick yourself. Broccoli. Although it does grow in the warmer months, broccoli lingers into the fall. Roast up some spears with garlic and olive oil, or pull out your wok for a quick stir-fry. Blackberries. Most of us think of summer as the season for berries, but blackberries are available in some regions well into the early fall. Great for pies, smoothies, muffins and fruit salads, these juicy berries are packed with antioxidants—great for fighting colds as the “sick” season approaches. Cabbage. Stuffed cabbage, baked cabbage, stewed cabbage, coleslaw! This cruciferous veggie is very versatile, and extremely inexpensive. Grab a head or four and get to munching. Cauliflower. Many mistake cauliflower as being void of nutrients due to its pale coloring, but this couldn’t be further from the truth. Packed with vitamins, this veggie is great raw, steamed or baked. Some are even getting creative by making cauliflower “rice” and pizza crusts. Hit up Google for some innovative cauliflower recipes. Zoe Eisenberg is RISMedia’s senior content editor. Email her your real estate news ideas at zoe@rismedia.com. For the latest real estate news and trends, bookmark RISMedia.com. The post Your Fall Produce Guide appeared first on RISMedia.
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Brandon Farber

Brandon Farber

 

Your Condo View – Enjoy it While You Can

Buying a condo can be way more involved than most buyers think. Make sure you are getting all the information from your REALTOR about purchasing a condo. For a list of common questions you should ask about purchasing condos in our area contact me.  Meanwhile read this story of a gentleman that purchased a condo in Seattle and what he experienced. 
Your Condo View – Enjoy it While You Can  
Downtown condo living, complete with easy access to transit, shopping, a short walk to work, no maintenance yard and best of all, the view. It was the birds-eye view of the city, the mountains, and the breathtaking sunset that sold you on the place – no one mentioned it was only temporary.

Downtown condo living, complete with easy access to transit, shopping, a short walk to work, no maintenance yard and best of all, the view. It was the birds-eye view of the city, the mountains, and the breathtaking sunset that sold you on the place – no one mentioned it was only temporary. What happens when the view that came along with your 33 story condominium disappears because a neighboring building is built only 18 feet away? That is what happened to Benjamin Shanfelder when he purchased a unit in the downtown Seattle Cosmopolitan building in 2005. He realized that other condos were slated for nearby developments, but at the time, the height restrictions limited the number of floors of an adjacent building. The rules were changed and a 34 story condo was constructed right next door, eliminating Shanfelder’s view, sunlight and privacy. Whose responsibility was it to inform the new tenants that the city regulations had changed? According to city requirements, the developer and the adjacent property owners should be notified; however, future tenants are on their own to discover these new developments. A new construction does not automatically assume the condo owner will lose their view. Different areas of the city have different separation requirements based on density. Some areas require no separation where as others mandate a minimum 60 to 200 feet. Potential buyers cannot depend solely on their realtor or developer for zoning information. A bit of research before purchasing their property may save some nasty surprises down the road. Here are some areas to consider:  Get as much information as possible from the developers regarding nearby proposals for developments, zoning restrictions and whether they have invested in air rights for the surrounding real estate to protect views. Visit the city planning office and look up the zoning laws for the nearby sites. Look up the addresses for any project applications and add your name and email address to the notification list for changes or new developments. Speak to the city planners about possible changes to the existing zoning laws. Let your comments be heard at design review hearings about future projects.  Spend the extra money to hire a land-use lawyer to complete this due diligence on your behalf.
 
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Brandon Farber

Brandon Farber

 

Wyndwater New Construction Hampstead NC

📞📞TEXT 100103493 to 910-238-3608   FOR AN AUTOMATIC TEXT MESSAGE SENT TO YOUR PHONE WITH ALL PROPERTY DETAILS! 📢Welcome to WyndWater, a master-planned community with play areas, walking trails, and sidewalks dotted with swings. 📢Wynn Homes presents the Cooke 🛏️🛏️🛏️🛏️4bedroom
🛁🛁🛁3 bth home
✅👣open floor plan ✅👌👌 This home has a formal dining room that features an accent ceiling, 1-piece crown and chair-rail with backer. Features of the kitchen include cabinets with crown molding, granite countertops, ceramic tile backsplash and a USB outlet. The downstairs living area has engineered hardwood floors. The master bedroom, located upstairs, features a trey ceiling with crown molding and a large walk-in closet. The master bath has a garden tub and a separate shower with a glass door. Other features include sodded front and side yards with front irrigation, gutters on the front of the home, digital thermostats and wood shelves in all closets. All this and more.   ⏳💲💲Builder is offering $5000 in Buyer Incentives on the 1st 5 received contracts(presale or spec) at Wyndwater. These Incentives can only be used towards Upgrades and/or Closing Costs.          

Katherine Farber

Katherine Farber

 

Working With A Home Inspector

Working with an Inspector The rule of real estate is to get your money's worth.  When you are looking into finding a place, you will want to make sure that the rule immediately applies.  One way to make sure that you are getting more for your money is by finding the right inspector.  This will allow you to find a property that is worth the up keep.   The job of an inspector is to find everything that might be a larger problem in the house before you move in.  This will begin by checking the electricity, water supply, plumbing, furnace and heat supplies, and the general build of the home.  They will take a part of their day in order to make sure that everything is built up to standard and that it won't cause problems before you move in.   If there is something that the inspector says is wrong with your home, you will have the ability to ask for repairs or money back for the home.  There are several who will save thousands of dollars by having an inspector look at what is in the home and how it needs to be changed.  Because of this, you will want to make sure that the right inspector is coming to your home.   Most likely, your real estate agent will have a specific inspector that they like to work with.  However, you can find one on your own and have them inspect the home as contract work.  You want to make sure that they will do a thorough job and that they have your best interests in mind.  This will help you to walk into your home without any surprises and with potential replacements before you move in.   Working with an inspector is an essential part to buying a home.  It will help to determine and define the quality of the home and can help you to get the best deal in the end.  Before you sign the final papers, make sure that the inspector you have worked with has looked through everything.  This will help you to begin making your house into a home.  
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Brandon Farber

Brandon Farber

 

Working With a 1031 Exchange

Working With a 1031 Exchange There are several ways to benefit off of owning property and being involved in real estate.  Not only does this come from finding the right property, loans and people to work with, but also moves into finding the best ways to save money while you own a property.  One of the well known ways to save an extra dollar is by becoming involved in a 1031 exchange.   A 1031 exchange is a specific tax form that can help with the profits and losses that you have received for the year.  They are usually used for those that own extra real estate property as an investment.  This form will allow you to roll-over the profits that have been made from a sale made from a real estate property.  From here, you can purchase another property instead of paying the tax back on the property that was already purchased.   The major benefit of a 1031 exchange is that it allows for you to be able to delay specific taxes and instead invest into other properties.  If the property is invested in, then the taxes that are taken from capital gain will not be used later on.  A second benefit to a 1031 exchange is that it allows for more equity to be a part of the investment.  Because of this, each time you invest in a new property from the 1031 exchange, the properties will gain a higher value.   The one thing to keep in mind if you are considering a 1031 exchange is that the new investment has to be what is known as like kind.  This means that the investment must be the same as the property that has already been made.  Before getting into a 1031 exchange, it is important to consider this point, as it can cause for problems with new investments later.  However, if you have enough that was made out of the purchase for the 1031 exchange, you can purchase more, or fewer, amounts of the same type of property.   If you are moving into building your own type of benefits from real estate, then knowing about the 1031 exchange is important.  This will help you with getting more out of your property and laying the foundation for your success in real estate.  
 
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Brandon Farber

Brandon Farber

 

Working side-by-side through COVID-19

It’s not every day that your spouse becomes your coworker or that you celebrate 29 years of marriage during a global pandemic. Enter Mary and Jim Tharp, a couple that we are proud to call our co-workers and work family. And especially during these uncertain times, it is a story like theirs that reminds us that we are all in this together. On March 16, 1991, Mary and Jim Tharp said “I Do” at a little chapel in Mesa, Arizona, and the couple hasn’t strayed far from the roots of where their relationship started. It was in the Grand Canyon state where they first met, at a Judas Priest concert as 18-year-olds, and where they have since raised their two boys, Billy and Anthony.   It’s also the place where their journey with us began. Six years ago, Mary became an employee in our Scottsdale office and has served in various roles, most recently as a chargeback specialist. Last October, Jim decided to make a change in his career by joining us also and now works with our customer agent success team.  As our entire workforce transitioned to a work from home model three weeks ago in light of COVID-19 precautions, Mary and Jim’s dedication to our end users, their co-workers, and each other prevails. Separated by four computer monitors back to back over a shared six-foot table where their dining room table previously was, the couple has converted their dining room into a home office.  Mary looks up to take a break in the action of her workday.And while the two work on different teams and their typical in-office routine consists of breaks and lunch together when possible, they are still making time to engage with each other and co-workers. Sharing on one of our online employee communities, Mary said of their 29th wedding anniversary last week, “If you would have told us when we got married that we would spend today smiling at each other over our combined four monitors, working from home over the internet, we probably would have told you the bar was closed.”  The creativity of their dedicated workspace, having each other, and a spirit of gratitude and humor have all played an important role in Mary and Jim’s resilience during COVID-19. Jim says of the experience, “Sitting across from my wife — I love it.” Referencing a busy house with everyone being home, Jim teases, “When the kids aren’t at work, walking around here, the traffic gets really heavy.” Mary says she is grateful that while she’s working, she can look up anytime and feel grounded that her husband is right across from her. She admits that she recently brought some levity to their home by pranking Jim and was happy to share the story with co-workers. “In an effort to maintain good workplace habits, this morning I opened and closed every drawer in the kitchen, then went into the living room and told Jim there were snacks!” Jokes aside, they share that they miss being shoulder to shoulder with co-workers in the office, but are grateful they can contribute to our end users’ own journey home by working from home. “We want everybody to stay positive, stay upbeat, and stay healthy,” Mary says. Mary and Jim at the wedding of former co-workers, Larry Hopkins and Christy Larkins, who they spend time with regularly.We know that home is everything and during this uncertain time, home is playing an even more critical role in our lives. As we navigate the implications of COVID-19, we hope you draw inspiration from Mary and Jim’s story. At the end of the day, whether we are working side-by-side with our families at home, connecting with those we hold dear from digital devices, or supporting each other just further apart, we will get through this. See you on the other side. For the latest tips navigating COVID-19 from home and all things real estate, visit our News & Insights portal. 
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Brandon Farber

Brandon Farber

Work to begin on Oak Island’s new splash pad, to open before summer

Oak Island:  The Town boasts 65 public beach accesses on miles of sandy beaches, as well as fishing docks and piers, boat ramps and many other access points to the Intracoastal Waterway and the Davis Canal, making it the perfect location for fishing, boating, kayaking and other water activities. The Town also has a municipal golf course and eight parks, ranging from a fishing T at the west end of the island to a large park on the mainland complete with baseball and football fields. There is a skate park, a dog park, a cabana on the oceanfront with an observation deck and plenty of places to find a quiet spot to relax and enjoy the view. Area businesses, like piers and marinas, restaurants and ice cream shops, also help make vacationers feel welcome while catering to full-time residents. Now work is to begin on Oak Island’s new splash pad, to open before summer. Oak Island residents will soon have a freshwater option to splash in, just one block from the ocean. The town’s Parks and Recreation Department announced Friday that a splash pad, years in the making, will be installed before the summer.        

Katherine Farber

Katherine Farber

 

With more homes than RiverLights and Landfall, Surf City development underway

With more homes than RiverLights and Landfall, Surf City development underway The development is approved to contain 3,200 residential units on 195-acres of purchased land on a 240-acre rezoned tract     SURF CITY—With one-fifth of the amount of land of RiverLights, a master community in Surf City could pack in 3,200 single-family homes. Waterside, to be located on a 240-acre tract, will contain several neighborhoods and serve as a community within a community. In 2015, Surf City Town Council approved the rezoning of the 240-acre tract on Belt Road from residential to a Planned Unit Development. It was pitched as a “community within itself” that would contain over 3,200 residential units and four acres of commercial property. Waterside is approved for at least 400 more units than RiverLights and 1,500 more units than Landfall on significantly less land. With a blend of single and multi-family units, the development would contain 13.5 units per acre. Compared to RiverLights and Landfall, which span at least 1,160 and 1,960 more acres than Waterside, the Surf City community will be densely packed.  FOR THE FULL ORIGINAL ARTICLE: http://bit.ly/2Eu53Ek

Brandon Farber

Brandon Farber

 

WILMINGTON PROPERTY OWNERS COULD SEE LARGER TAX INCREASE

WILMINGTON, NC (StarNews) — City residents could see a property tax rate increase three times larger than expected as part of the 2018-19 fiscal year budget. At Monday’s agenda review meeting, council members were presented two scenarios that would raise the property tax rate 1-cent or 1 1/2-cent, rather than the previously discussed half-cent hike.   For the full article see link below: https://www.wwaytv3.com/2018/06/04/wilmington-property-owners-could-see-larger-tax-increase/

Katherine Farber

Katherine Farber

 

Wilmington is the Place To Be: Things to do Around this Great City

The possibilities are endless in the beautiful city of Wilmington.  From aquariums, museums, historical sites, festivals, libraries, film studios, theatres, plantations and more, this richly cultured city is an ideal place to buy your next home.  Where else do you have a historic downtown-filled with fancy old houses, lots of cool shops and restaurants-and a beautiful stretch of sand, Wrightsville Beach, only 20 minutes apart?  Here is just a short list of a couple great things to do around Wilmington, NC.   Battleship North Carolina: Step aboard the most decorated US Battleship of WWII! Explore nine decks and discover where history comes alive Airlie Gardens: Breathtaking public gardens that host events such as outdoor summer concerts, Christmas lights display and many more. Historic Downtown District: With a rich history like Wilmington's there are historic homes, shopping,  carriage rides, walking tours and top rated restaurants to enjoy all in walking distance here.  Bellamy Mansion: A historic civil war home that is both beautiful and fascinating to tour if you have an interest in history Riverwalk: A newly renovated scenic walk along the Cape Fear River.  Great for boat tours, bike rides, people watching, and a relaxing time.   Noni Bacca Winery: The tasting room right in the heart of Wilmington that boasts 156 international medals for the highest quality wines.  Enjoy a warm welcome and some premium wine right in your own neighborhood. Water tours: Enjoy a day out on the water along the Cape Fear River and its waterways on a chartered catamaran with options for all types of personalities including eco/history tours, sunset cruises with live music, birding tours, and holiday tours. Thalian Hall Center for Performing Arts: Experience history and charm at the Thalian Hall which hosts the world-class touring artists in various performance disciplines, the cinematique arthouse film series, The annual Pied Piper Children's Theatre, community based theatre, dance, film and music organizations. Wilmington boasts a multitude of activities that range to satisfy history buffs, foodies as well as outdoor enthusiasts.  From 5 star restaurants, exciting museums and history, to world class beaches and aquariums just a short drive away this really is an amazing city to live in!
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Brandon Farber

Brandon Farber

 

Will Virtual Staging Grow More Popular?

Will Virtual Staging Grow More Popular? Some home stagers see promise in the less expensive, hands-free alternative to physical staging. By:  Melissa Dittmann Tracey Staging, Using Digital Video as a Marketing Tool
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Brandon Farber

Brandon Farber

Will new ‘megadecks’ be harmful to Surf City’s fragile dune system?

Will new ‘megadecks’ be harmful to Surf City’s fragile dune system? Officials from Surf City and the state's Division of Coastal Management respond to concerns that some beach homeowners have raised of the negative impact these structures could have on a beach dune system left heavily damaged and vulnerable after Florence.   PENDER COUNTY, NC (WECT) - Surf City could see more mega decks in its future even though residents have mixed feelings about it. Town council in a 3-1 vote Wednesday night approved a motion for mega decks, which are structures up to 500 square feet on the oceanfront where a house would not be able to be built. Some residents aren’t in favor of the new development because of possible deck parties that could result in loud music or the deck becoming an eyesore. However, Bill Pelon, who owns two mega decks, couldn’t think of a better way to use the lots. “We utilize it not just going up and laying out but also, we’ve got a bar there," Pelon said. “We have a refrigerator, freezer. It’s just nice things to have along with the grill. We can grill out and have access to the ocean.” The town has two Coastal Area Management Act-approved mega decks. At Wednesday night’s meeting, Surf City resident Marcus Norton said mega decks will eat away at available parking space, which could cause people to avoid the area altogether.   Full article: http://bit.ly/2FbPbYJ

Katherine Farber

Katherine Farber

 

Why You Should Use A Realtor.

Consider this: if you needed work done on your teeth, would you go to a dentist or do it yourself? The same theory applies to real estate. The art of selling a home is something that takes years to perfect. There are so many aspects of home sales that the average buyers and sellers are unaware of. Also there are many aspects of the process that are only easily available to a Realtor.
 
Consider this: if you needed work done on your teeth, would you go to a dentist or do it yourself? The same theory applies to real estate. The art of selling a home is something that takes years to perfect. There are so many aspects of home sales that the average buyers and sellers are unaware of. Also there are many aspects of the process that are only easily available to a Realtor. The actual process of selling a home is very time consuming and right about now, the seller has many more important things to consider, such as the impending move.  Realtors spend years learning the art of selling and how to interpret the real estate market. They can offer you insight and information that only comes from years of experience. Realtors are also experts on their area; they know the communities and what they have to offer, the location of schools, transport routes, and how the current market will affect the sale of your home.  Using a Realtor to sell your home has several advantages over a FSBO. Perhaps the most important of these advantages is exposure. The marketing of your home is of the highest importance. Without a robust marketing plan, your home will not be seen by prospective buyers and as such, will take much longer to sell. Realtors utilize the latest in internet technology to ensure that your home is seen by as many buyers as possible. Also, realtors have a large budget to purchase newspaper ads, hold open houses, and create flyers and information packs about your property. Realtors can also utilize a CMA to evaluate the correct value of your home and to price it correctly in your local market. This will enable your home to be competitive and attractive to buyers. Remember, homes sold by a Realtor sell for an average of 20-30 thousand more than homes sold by the owner. use a professional to sell your home, and free up the time you need to organize yourself for the process of moving your own new home.
  Come Take A Tour.pdf
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Brandon Farber

Brandon Farber

 

Why You Should Stage a Cozy Fire Pit Area

By Melissa Dittmann Tracey, REALTOR® Magazine Fire features, like outdoor fire pits and fire tables, are in demand. The National Association of Landscape Professionals calls it one of the hottest landscape trends for the fall, based on a recent survey of 5,000 of its member landscapers. These hot-spots can be a great way to show off the entertaining potential of your outdoor space. Set up a fire pit with a few outdoor chairs around it. You can even drape a blanket over one chair and add ingredients to s’mores on a table to finish off this perfect cozy fall scene. Consider, taking a picture of your fire pit with the flames at dusk to even add to your listing photos to highlight as a selling point too. (A professional photographer may be best to get this picture so that the lighting is perfect.) Check out these chic fire pit areas featured by designers at Houzz. Photo by Envision Landscape Studio – Browse patio photos Photo by Alderwood Landscape Architecture and Construction – Browse patio photos Photo by Elevation Architectural Studios – More patio photos Photo by Arterra Landscape Architects – Browse patio photos Photo by Draper white – Discover patio design ideas Photo by Sycamore Design – Discover patio design ideas
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Brandon Farber

Brandon Farber

 

Why you should live in a home before renovating

In today’s market, many buyers forego "fixer-uppers"  for move-in ready homes.  As a result, significant opportunities abound in prime locations as homes that need work linger on the market. In competitive markets, savvy consumers gravitate toward these homes that nobody else wants. Why? They can customize the home to their requirements and build equity along the way. That said, I often recommend that buyers live in a new home for a while before undertaking any expensive remodeling or big home improvements. I’m not talking about lighting or plumbing repairs necessary to make the house habitable. Rather, I’m referring to discretionary remodeling, expansions and other improvement projects. Here are three good reasons to at least consider holding off on the big home improvement projects until you’ve had some time to settle in. 1. Living in the home can change your mind You may have grand visions for what you’d like to do to a home, based on its condition and your priorities at the time you buy it. But until you’re actually living there, it’s difficult to know exactly how you’ll use the house, what will work for you and what won’t. Ultimately, it’s this day-to-day experience that will inform your home improvement decisions, instead of early notions of how you want your everyday experience to be. 2. After buying a home, you deserve a break Buying a home is a massive project, an enormous change in your life and a shock to the system — if not your finances. I’ve seen buyers jump through hoops, spending months on end looking for a home. In some situations, it becomes a part-time job. A home renovation can be yet another big and stressful project, what with all the decisions to make and contractors to deal with. My recommendation: Take a break from the stress of buying your new home. 3. You need time to plan Any renovation, no matter how small, should be designed with care. That means speaking to multiple architects, contractors or designers to get their take on your ideas and options — a time-consuming process. An hour with a well-qualified contractor can uncover opportunities where you least expected them. For instance, even though it may be an added cost now, moving the laundry machines from the garage to the top floor during a larger renovation may save you time and money down the road. Conversely, hiring architects and contractors while under the constraints of an escrow period is likely to cause problems for you later. Some buyers want to jump into renovations because they don’t want to live in a construction zone or pay rent and a mortgage at the same time. While this may make some economic sense upfront, it can still cause costly problems later. Often, buyers who said they don’t want a home that requires any work end up buying a home that needs at least some. It’s the natural evolution of the buying process. Rarely does someone end up buying the home they started off thinking they wanted. While you should be open to doing work on a home, don’t feel stressed about getting it all done at once. Live as-is for six months to a year. Take the home for a test drive and see how it runs. You may be surprised at how your perspective and priorities change once you settle in.  
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Brandon Farber

Brandon Farber

 

Why Utilization Rate Affects Credit Scores

Why Utilization Rate Affects Credit Scores A high utilization rate is a sign that you may be experiencing financial difficulty and is a strong indicator of lending risk. As a result, high utilization hurts credit scores and can cause lenders to be reluctant to extend additional credit. If you have a high balance-to-limit ratio on one card, that negative can be significantly off-set by having a low overall utilization rate. That is why we caution against closing unused cards if your scores are low and eliminating that open credit limit might increase your total utilization ratio. Keep Credit Card Balances as Low As Possible VantageScore recommends an overall utilization rate of no more than 30 percent. However, the lower your utilization ratio, the better for your credit scores. Ideally, you should pay your balances in full each month so that you never pay finance charges and don't spend more than you can afford to repay. But, don't expect paying in full to lower your utilization. The balance reported is the amount owed when you receive your billing statement. The only way to have a zero balance is to not use the card for an entire billing cycle or pay the balance well before the due date so that your billing statement will show a zero balance due. If your scores are not as good as they need to be to be approved at the best rates, paying down balances is often the best action you can take to improve your risk.
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Brandon Farber

Brandon Farber

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